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Yes, a huge savings on taxes possibly. 2019 if married u can make 24k and pay zero income tax. If u make 29k you will pay 10% on 5k, 500 bucks in federal income tax. You borrow 5k from 401k. Deposit in IRA you now have 5k writeoff, so your taxable income drops back to 24k. Saved 500 dollars. No missed market cause your back in with IRA. All intrest ...


0

Suppose that you have a basis (contributions for which you did not take a deduction) in your Traditional IRA, and reported these contributions on Form 8606 in the years that you made them (and so the IRS is aware of the basis). In retirement, you are no longer making contributions to the IRA but taking distributions from them. As I understand the matter, the ...


1

A bit of our background. We are Puerto Ricans but we lived in the US mainland for many years hence our retirement accounts were saved in the US mainland. The bottom line. If you withdraw money from your tax deferred accounts while living in Puerto Rico, you have to pay Federal and Puerto Rico taxes. You do get a credit in Puerto Rico for taxes paid to the ...


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For the money in the beneficiary IRA, you should be able to pick from a group of Investments. This can include stock funds, bond funds, and even individual stocks. Those funds can be mutual funds or Exchange traded funds. It is likely among those lists of options some will be index funds, which are great because of their low costs. If you have earned income ...


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